Portofino Isles	
Community Development District	

Approved Proposed Budget	
FY 2027	

Table of Contents

1-2		General Fund	

3	
	Allocation of Reserves Schedule	

4-5	
	Narratives	

6-7	
	Debt Service Fund Series 2005	

8-9	
	Debt Service Fund Series 2013	
10		Assessment Schedule	

Portofino Isles	
Community Development District	
Approved Proposed Budget	
General Fund	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2026	2/28/26	7 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments - On Roll	$	135,969	$	125,180	$	10,789	$	135,969	$	135,968	
Direct Assessment - Lerner TH	39,178	-	-	-	39,177	
Interest Income	40,000	24,657	34,520	59,177	40,000	
Stormwater Fees	150,000	-	250,000	250,000	150,000	
Other Income	-	1,226	-	1,226	-	
Carry Forward Surplus	130,917	131,915	-	131,915	129,166	

TOTAL REVENUES	$	496,064	$	282,978	$	295,309	$	578,287	$	494,311	

EXPENDITURES:

Administrative:						
Engineer Fees	$	30,000	$	12,515	$	17,521	$	30,036	$	30,000	
Attorney	25,000	3,443	6,885	10,328	20,000	
Annual Audit	5,600	5,800	-	5,800	6,000	
Assessment Administration	1,061	1,061	-	1,061	1,124	
Arbitrage Rebate	1,200	600	600	1,200	1,200	
Dissemination Agent	2,922	1,218	1,704	2,922	3,097	
Trustee Fees	3,556	-	3,556	3,556	3,556	
Management Fees	52,837	22,015	30,822	52,837	56,007	
Information Technology	1,169	487	682	1,169	1,239	
Website Administration	1,169	487	682	1,169	1,239	
Telephone	100	-	75	75	100	
Postage & Delivery	500	67	150	217	500	
Rental & Leases	2,400	1,000	1,400	2,400	2,400	
General Liability and Public Officials Insurance	8,552	7,932	-	7,932	8,725	
Printing & Binding	1,000	-	250	250	250	
Legal Advertising	1,500	124	750	874	1,250	
Bank Fees and Other Charges	300	190	380	570	600	
Office Supplies	225	-	50	50	50	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Outlay	300	-	300	300	300	
TOTAL ADMINISTRATIVE	$	139,565	$	57,114	$	65,806	$	122,920	$	137,812	

Portofino Isles	
Community Development District	
Approved Proposed Budget	
General Fund	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2026	2/28/26	7 Months	9/30/26	FY 2027	

Operations & Maintenance

Field Operations						
Salaries/Facility Management	$	40,789	$	16,280	$	22,200	$	38,480	$	40,789	
Environmental Services	2,500	-	2,500	2,500	2,500	
Electric	13,000	1,744	3,924	5,668	13,000	
Repairs & Maintenance	24,710	4,387	19,500	23,887	24,710	
Landscape Maintenance	37,840	9,625	19,250	28,875	37,840	
Landscaping - Replacement/Storm Cleanup	40,000	6,525	30,000	36,525	40,000	
Irrigation System	15,000	1,221	12,250	13,471	15,000	
Lake/Fountain Maintenance	21,120	-	20,000	20,000	21,120	
Wetlands Maintenance	19,200	6,500	9,100	15,600	19,200	
Stormwater Maintenance	50,000	-	50,000	50,000	50,000	
Chemicals/Operating Supplies	6,600	1,453	4,500	5,953	6,600	
Contingencies/Fountain Repairs	35,000	11,697	15,000	26,697	35,000	
Dues/Licenses	740	-	740	740	740	
Capital Outlay	-	305	7,500	7,805	-	

Total Field Operations	$	306,499	$	59,737	$	216,464	$	276,201	$	306,499	
Reserves

Unassigned	$	50,000	$	-	$	50,000	$	50,000	$	50,000	

Total Reserves	$	50,000	$	-	$	50,000	$	50,000	$	50,000	

TOTAL EXPENDITURES	$	496,064	$	116,851	$	332,270	$	449,121	$	494,311	

EXCESS REVENUES (EXPENDITURES)	$	-	$	166,127	$	(36,961)	$	129,166	$	-	

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

$	186,324	
	11,179 	
 $	175,145 	

Product	Assessable Units	Total Gross Assessment	FY25
Gross Per Unit	FY26
Gross Per Unit	Increase/ (Decrease)	

Single Family	550	$	96,314.16	$	175.12	$	175.12	$	-	
Multy Family	214	$	37,474.96	$	175.12	$	175.12	$	-	
Townhomes	62	$	10,857.23	$	175.12	$	175.12	$	-	

Total	826	$  144,646.35	

Portofino Isles	
Community Development District	
Allocation of Reserves

Adopted Budget	Adopted Budget	Adopted Budget	Adopted Budget	Adopted Budget	Adopted Budget	Approved Proposed
Budget	
Total	
FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026	FY 2027		

Additions:									
Wetlands	$100,000	$0	$20,000	$0	$0	$0	$0	$120,000	
Brigantine Rd Resurfacing	$50,000	$50,000	$10,000	$0	$0	$0	$0	$110,000	
Wall/Perimeter	$50,000	$0	$10,000	$0	$0	$0	$0	$60,000	
Drainage	$100,000	$0	$20,000	$0	$0	$0	$0	$120,000	
Storm Recovery	$0	$100,000	$0	$0	$0	$0	$0	$100,000	
Lake & Bank Erosion	$0	$50,000	$0	$0	$0	$0	$0	$50,000	
Fountains/Pumps/Control & Meter	$0	$50,000	$0	$0	$0	$0	$0	$50,000	
Other/Misc.	$0	$50,000	$0	$85,004	$126,250	50,000	50,000	$361,254	
	$300,000	$300,000	$60,000	$85,004	$126,250	$50,000	$50,000	$971,254	

Spent:									
Wetlands	$0	$0	$0	$0	$0	$0	$0	$0	
Brigantine Rd Resurfacing	$0	$0	$0	$0	$0	$0	$0	$0	
Wall/Perimeter	$7,064	$0	$1,943	$0	$1,296	$0	$0	$10,302	
Drainage	$0	$0	$0	$0	$0	$0	$0	$0	
Storm Recovery	$0	$0	$0	$0	$0	$0	$0	$0	
Lake & Bank Erosion	$1,406	$0	$0	$0	$0	$0	$0	$1,406	
Fountains/Pumps/Control & Mtr	$8,749	$68,844	$215	$0	$18,067	$0	$0	$95,875	
Other/Misc.	$0	$0	$0	$0	$2,200	$0	$0	$2,200	
	$17,219	$68,844	$2,158	$0	$21,562	$0	$0	$109,783	

Available:									
Wetlands	$100,000	$0	$20,000	$0	$0	$0	$0	$120,000	
Brigantine Rd Resurfacing	$50,000	$50,000	$10,000	$0	$0	$0	$0	$110,000	
Wall/Perimeter	$42,936	$0	$8,057	$0	($1,296)	$0	$0	$49,698	
Drainage	$100,000	$0	$20,000	$0	$0	$0	$0	$120,000	
Storm Recovery	$0	$100,000	$0	$0	$0	$0	$0	$100,000	
Lake & Bank Erosion	($1,406)	$50,000	$0	$0	$0	$0	$0	$48,594	
Fountains/Pumps/Control & Mtr	($8,749)	($18,844)	($215)	$0	($18,067)	$0	$0	($45,875)	
Other/Misc.	$0	$50,000	$0	$85,004	$124,050	$50,000	$50,000	$359,054	
	$282,781	$231,156	$57,842	$85,004	$104,688	$50,000	$50,000	$861,471	

Total Projected Reserve Funds as of 09/30/27	$861,471

Total Reserved @ 9/30/2026	
Balance in SBA @ 2/28/2026	

$861,471	
1,492,069	

Portofino Isles	
Community Development District	
Budget Narrative	
Fiscal Year 2027	

REVENUES	

Special Assessments- On Roll	
The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.	
Interest Income	
The District earns interest on the monthly average collected balance for each of their investment accounts.	
Stormwater Rebate	
The City of Port St. Lucie assesses the residents of the District for Repairs, Maintenance and Capital Improvements of the Drainage System. The city then remits the storm water fees less an administrative fee to the District since the District provides these services.	

Expenditures - Administrative	

District Engineering Fees	
The District's engineer, Culpepper and Terpening, Inc. will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.	
District Attorney Fees	
The District's legal counsel, Billing, Cochran, Lyles, Mauro & Ramsey, PA will be provide general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.	
Annual Audit	
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted with Grau and Associates.	
Assessment Roll Administration	
Expenses incurred for the collection of prepaid assessments, updating the District’s Tax Roll and levying the annual assessment. GMS
SF, LLC serves as the District’s Assessment Roll Administrator.	
Arbitrage Rebate	
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District has contracted Grau and Associates to perform the calculations.	
Dissemination Agent	
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. GMS-SF, LLC serves as the District’s Dissemination Agent.	
Trustee Fees	
The District bonds will be held and administered by a Trustee at US Bank. This represents the trustee annual fee.	
District Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by
Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.	
Telephone	
Telephone and fax machine.	
Postage and Delivery	
Mailing of agenda packages, overnight deliveries, correspondence, etc.	
Rental & Leases	
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida, LLC for the	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.	

Portofino Isles	
Community Development District	
Budget Narrative	
Fiscal Year 2027	

Expenditures - Administrative	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings etc. in a newspaper of general circulation.	
Bank Fees and Other Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Miscellaneous office supplies.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to FloridaCommerce for $175. This is the only expense under this category for the	
Capital Outlay	
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.	

Expenditures - Field Operations	

Salaries/Facility Management	
Cost of on-site employee for day-to-day oversight.	
Environmental Services	
Semi-annual mitigation monitoring as required by South Florida Water Management District.	
Electric	
Represents the costs associated with powering the irrigation pumps, service to be provided by Florida Power & Light.	
Repairs & Maintenance	
Represents costs associated with basic maintenance and repairs in the District.	
Landscape Maintenance	
The District has entered into a contract with Brightview Landscape Services for Lawn Maintenance of the Median Island and Entry Side from Gatlin Blvd to Entry. The contract is $1925.00/month.	
Landscaping - Replacement	
The cost of replacing landscaping of the Median Island and Entry Side from Gatlin Blvd to Entry.	
Irrigation System	
The District operates several pumping and control systems which require immediate repair and replacement for the protection and survival of landscape responsibilities.	
Lake/Fountain Maintenance	
The District has entered into a contract with The Lake Doctors for Lake Maintenance. The services include aquatic weed, border grasses and algae control for 10 lakes and maintenance of the fountains.	
Wetlands Maintenance	
The District has entered into a contract with Lake and Preserve Management for Wetlands Maintenance. The services include exotic and invasive weed control for approximately 15 acres of planted buffer area. Contract also includes monthly inspections of wetland area. The contract is $1,300.00 per month.	
Stormwater Maintenance	
The cost of drain cleaning and inspection.	

Expenditures – Field Operations (continued)	

Chemicals/Operating Supplies	
Chemicals for operations of the District.	
Contingencies	
Any unforeseen expenses related to the field operations of the District.	

Expenditures – Reserves	

Reserves	
Funds allocated to future expenditures by Area.	

Portofino Isles	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2005 Special Assessment Bonds	

	Adopted Budget	Approved
Proposed Budget	
Description	FY2026	FY 2027	

REVENUES:

Special Assessments-On Roll	
SPE Funding	
Carry Forward Surplus (1)	

$	91,115	
450,000	
355,485	

$	91,115	
450,000	
443,425	

TOTAL REVENUES	$	896,600	$	984,540	

EXPENDITURES:

Interest 11/1	
Principal 5/1	
Interest 5/1	

$	100,800	
245,000	
100,800	

$	93,940	
260,000	
93,940	

Other Debt Service Costs (2)	450,000	450,000

TOTAL EXPENDITURES	$	896,600	$	897,880	

Other Sources/(Uses)

Interfund transfer In/(Out)

$	-	$	-

TOTAL OTHER SOURCES/(USES)	$	-	$	-	

TOTAL EXPENDITURES	$	896,600	$	897,880	

EXCESS REVENUES (EXPENDITURES)	$	86,660	

(1) Carry Forward is Net of Reserve Requirement	
(2) Represents: Lerner, Property Appraiser and other bond expenditures	
(3) Bonds are in default	

$	86,660	
$	86,660	

Interest Due 11/1/27

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

$	96,931	
	5,816 	
 $	91,115 	

Product	
Assessable Units	Total Gross Assessment	FY25
Gross Per Unit	FY26
Gross Per Unit	Increase/ (Decrease)	

Townhomes	62	$	96,930.80	$	1,563.40	$	1,563.40	$	-	

Total	62	$	96,930.80	

Portofino Isles	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2005 Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

05/01/25	$	3,830,000	5.600%	$	230,000	$	107,240	$	-	
11/01/25	3,600,000	5.600%	-	100,800	438,040	
05/01/26	3,600,000	5.600%	245,000	100,800		
11/01/26	3,355,000	5.600%	-	93,940	439,740	
05/01/27	3,355,000	5.600%	260,000	93,940		
11/01/27	3,095,000	5.600%	-	86,660	440,600	
05/01/28	3,095,000	5.600%	270,000	86,660		
11/01/28	2,825,000	5.600%	-	79,100	435,760	
05/01/29	2,825,000	5.600%	290,000	79,100		
11/01/29	2,535,000	5.600%	-	70,980	440,080	
05/01/30	2,535,000	5.600%	305,000	70,980		
11/01/30	2,230,000	5.600%	-	62,440	438,420	
05/01/31	2,230,000	5.600%	320,000	62,440		
11/01/31	1,910,000	5.600%	-	53,480	435,920	
05/01/32	1,910,000	5.600%	340,000	53,480		
11/01/32	1,570,000	5.600%	-	43,960	437,440	
05/01/33	1,570,000	5.600%	360,000	43,960		
11/01/33	1,210,000	5.600%	-	33,880	437,840	
05/01/34	1,210,000	5.600%	380,000	33,880		
11/01/34	830,000	5.600%	-	23,240	437,120	
05/01/35	830,000	5.600%	405,000	23,240		
11/01/35	425,000	5.600%	-	11,900	440,140	
05/01/36	425,000	5.600%	425,000	11,900	436,900	

Total	$	3,830,000	$	1,428,000	$	5,258,000	

Portofino Isles	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2013 Special Assessment Revenue Refunding Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2026	2/28/26	7 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$	430,939	$	398,200	$	32,739	$	430,939	$	430,939	
Prepayments	-	-	-	-	-	
Interest Earnings	-	8,059	350	8,409	-	
Carry Forward Surplus (1)	305,528	241,374	-	241,374	234,900	

TOTAL REVENUES	$	736,467	$	647,633	$	33,089	$	680,722	$	665,839	

EXPENDITURES:

Interest 11/1	$	67,450	$	67,450	$	-	$	67,450	$	60,325	
Special Call 5/1	-	5,000	-	5,000	-	
Principal 5/1	300,000	-	300,000	300,000	315,000	
Interest 5/1	67,450	-	67,450	67,450	60,325	

Other Debt Service Costs (2)	5,922	5,922	-	5,922	5,922	

TOTAL EXPENDITURES	$	440,822	$	78,372	$	367,450	$	445,822	$	441,572	

Other Sources/(Uses)

Interfund transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	

TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	

TOTAL EXPENDITURES	$	440,822	$	78,372	$	367,450	$	445,822	$	441,572	

EXCESS REVENUES (EXPENDITURES)	$	295,645	$	569,261	$	(334,361)	$	234,900	$	224,267	

(1) Carry Forward is Net of Reserve Requirement	
(2) Represents: Property Appraiser	

Interest Due 11/1/27	$	52,844	
	 $	52,844 	

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

$	458,446	
	27,507 	
 $	430,939 	

Product	Assessable Units	Total Gross Assessment	FY25
Gross Per Unit	FY26
Gross Per Unit	Increase/ (Decrease)	

Single Family	544	$	337,443.20	$	620.30	$	620.30	$	-	
Multy Family	209	$	121,002.64	$	578.96	$	578.96	$	-	
Townhomes	0	$	-	$	-	$	-	$	-	

Total	753	$	458,445.84	

Portofino Isles	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2013 Special Assessment Revenue Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

05/01/26	2,840,000	4.750%	300,000	67,450		
11/01/26	2,540,000	4.750%	-	60,325	427,775	
05/01/27	2,540,000	4.750%	315,000	60,325		
11/01/27	2,225,000	4.750%	-	52,844	428,169	
05/01/28	2,225,000	4.750%	330,000	52,844		
11/01/28	1,895,000	4.750%	-	45,006	427,850	
05/01/29	1,895,000	4.750%	345,000	45,006	390,006	
11/01/29	1,550,000	4.750%	-	36,813	36,813	
05/01/30	1,550,000	4.750%	360,000	36,813		
11/01/30	1,190,000	4.750%	-	28,263	425,075	
05/01/31	1,190,000	4.750%	380,000	28,263		
11/01/31	810,000	4.750%	-	19,238	427,500	
05/01/32	810,000	4.750%	395,000	19,238		
11/01/32	415,000	4.750%	-	9,856	424,094	
05/01/33	415,000	4.750%	415,000	9,856	424,856	

Total	$	2,840,000	$	572,138	$	3,412,138	

**Updated 11/1/2025

Portofino Isles	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Neighbor hood	O&M Units	Bonds 2005
Units	Bonds 2013
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	

On Roll							Series 2005	Series 2013	Series 2005	Series 2013		Series 2005	Series 2013	Series 2005	Series 2013		
Single Family	550	0	544	$175.12	$175.12	$0.00	$0.00	$620.30	$0.00	$620.30	$0.00	$175.12	$795.42	$175.12	$795.42	$0.00	
Multy Family	214	0	209	$175.12	$175.12	$0.00	$0.00	$578.96	$0.00	$578.96	$0.00	$175.12	$754.08	$175.12	$754.08	$0.00	
Townhomes	62	62	0	$175.12	$175.12	$0.00	$1,563.40	$0.00	$1,563.40	$0.00	$0.00	$1,738.52	$175.12	$1,738.52	$175.12	$0.00	

Direct																	
Townhomes	238	0	0	$175.12	$175.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$175.12	$175.12	$175.12	$175.12	$0.00	
Total	1064	753